Let’s dive into the inflation trends in Singapore and how to interpret the overall Consumer Price Index (CPI) from 2018 to 2023 and 2014 to 2023.
Key Data Points:
From 2018 to 2023:
– Number of Years: 5
– Percentage Change: 14.23%
– Compound Average Annual Rate of Inflation: 2.7%
From 2013 to 2023:
– Number of Years: 10
– Percentage Change: 15.35%
– Compound Average Annual Rate of Inflation: 1.44%
Try it out yourself: Use this [CPI Calculator] to understand how inflation impacts your expenses.
Forward vs. Backward Calculations:
Our percentage changes are calculated forward in time, which shows how much prices have increased over the years.
On the other hand, the MAS website calculates backward to show how prices in the past compare to current levels. This is why there can be a significant difference between the two calculations.
– Forward Calculation: Indicates the rate at which prices have risen.
– Backward Calculation: Shows how much past prices are in relation to the current CPI.
Understanding inflation is crucial for making informed financial decisions. Stay aware and plan your finances accordingly!
Best regards,
Hobo